TrueCar, Inc. (TRUE) Stake Decreased by Parametric Portfolio Associates LLC
Parametric Portfolio Associates LLC trimmed its position in shares of TrueCar, Inc. (NASDAQ:TRUE) by 6.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 403,507 shares of the technology company’s stock after selling 25,986 shares during the quarter. Parametric Portfolio Associates LLC owned 0.43% of TrueCar worth $8,042,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in TRUE. Caledonia Private Investments Pty Ltd boosted its position in shares of TrueCar by 143.2% during the first quarter. Caledonia Private Investments Pty Ltd now owns 4,629,739 shares of the technology company’s stock worth $71,622,000 after purchasing an additional 2,725,970 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of TrueCar by 43.9% during the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock worth $131,037,000 after purchasing an additional 2,004,642 shares in the last quarter. Park West Asset Management LLC bought a new position in shares of TrueCar during the first quarter worth $15,506,000. Credit Suisse AG boosted its position in shares of TrueCar by 1,037.5% during the first quarter. Credit Suisse AG now owns 531,333 shares of the technology company’s stock worth $8,220,000 after purchasing an additional 484,622 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of TrueCar by 18.4% during the second quarter. First Trust Advisors LP now owns 2,746,837 shares of the technology company’s stock worth $54,744,000 after purchasing an additional 427,025 shares in the last quarter. 91.71% of the stock is currently owned by institutional investors.
TRUE has been the topic of a number of recent analyst reports. B. Riley reissued a “buy” rating and set a $21.50 price target on shares of TrueCar in a research report on Tuesday, June 20th. Zacks Investment Research cut shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Morgan Stanley reaffirmed an “underweight” rating and issued a $13.00 price objective (up from $12.00) on shares of TrueCar in a research report on Thursday, July 20th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $22.00 price objective on shares of TrueCar in a research report on Friday, August 4th. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $15.00 price objective on shares of TrueCar in a research report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $18.33.
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Shares of TrueCar, Inc. (NASDAQ TRUE) opened at 15.15 on Tuesday. The company has a 50-day moving average of $16.17 and a 200 day moving average of $17.40. TrueCar, Inc. has a 52-week low of $8.69 and a 52-week high of $21.75. The company’s market capitalization is $1.49 billion.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The business had revenue of $81.82 million during the quarter, compared to analysts’ expectations of $80.75 million. TrueCar had a negative net margin of 9.86% and a negative return on equity of 11.00%. The business’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period last year, the company posted ($0.05) earnings per share. Analysts predict that TrueCar, Inc. will post $0.02 earnings per share for the current year.
In other TrueCar news, EVP Jeff Swart sold 34,863 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $19.82, for a total value of $690,984.66. Following the transaction, the executive vice president now directly owns 99,084 shares of the company’s stock, valued at $1,963,844.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Buce sold 32,999 shares of the firm’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $16.52, for a total transaction of $545,143.48. Following the completion of the transaction, the director now directly owns 181,558 shares in the company, valued at $2,999,338.16. The disclosure for this sale can be found here. Insiders sold 2,011,936 shares of company stock valued at $37,176,200 over the last 90 days. Corporate insiders own 15.50% of the company’s stock.
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for a range of enterprises.
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